The accounting equation and balance in an account or section of the balance sheet given the balances

May 5th, 2015
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The accounting equation and be able to determine the balance in an account or section of the balance sheet given the balances in other accounts with details and example.

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Question :Understand The accounting equation and be able to determine the balance in an account or section of the balance sheet given the balances in other accounts?Answer: The accounting equation is the basis upon which the double entry accounting system is constructed. In essence, the accounting equation is:Assets = Liabilities + Shareholders' EquityThe assets in the accounting equation are the resources that a company has available for its use, such as cash, accounts receivable, fixed assets, and inventory.The company pays for these resources by either incurring liabilities (whic

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